Marine Cole
Morgan Stanley, LGT Capital Partners and Neuberger Berman were the main investors in the restructuring of Newport Global Opportunities Fund, a distressed debt fund raised a decade ago.
Some strategies such as GP-led restructurings and real estate secondaries bucked the trend and grew in 2015.
The closed-ended fund completed two secondaries deals in the fourth quarter and is now exposed to 27 underlying funds managed by 16 GPs.
He previously led private equity for the city’s public pension system and will add infrastructure and real estate to his responsibilities.
Excluding carry, the fees and costs CalPERS paid to secondaries funds represents about 1.5% of total fees paid to private equity firms during the year.
A maturing secondaries market may help address some of the historic challenges preventing defined contribution retirement plans from investing in private equity.
The fund targeting high net worth individuals and investing predominantly in Carlyle funds did not add new secondaries investments in the quarter.
The firm is also giving up its plans to raise a dedicated energy and infrastructure secondaries fund, instead rolling its efforts into its broader secondaries business.
The London-listed investment trust will be renamed ICG Enterprise Trust and will be headed by Emma Osborne.
The venture capital firm is seeking $100m for its second dedicated secondaries fund.